For Immediate Release
US-Africa Summit Focuses on Trade, Poverty, Growth
WASHINGTON - This week, more than 40 leaders from across Africa gathered in Washington, DC for the US-Africa Leaders Summit. The summit focuses on issues of economic growth and investment, with hundreds of millions of dollars in business deals being announced during the week-long event. Trade is a major topic of the summit, as the US attempts to keep pace with China's increased economic involvement with the African continent.
Eric LeCompte, Executive Director of the religious anti-poverty group, Jubilee USA Network, releases the following statement:
"The summit puts a spotlight on the most important issues facing Africa today, from trade to corporate tax avoidance to poverty.
"Africa is losing billions of dollars a year to illicit financial flows. For every dollar it receives in official aid, Africa loses about $15 to debt, corporate tax avoidance and illicit flows. Money is flowing out far faster than it is flowing in.
"We need to create structures to end the flow of dirty money.
"As World Bank President Jim Kim notes, debt relief and economic growth in Africa are intertwined.
"It's imperative that tax, debt and trade policies benefit the world's poorest citizens."